What is Form P53?

HMRC allows you to reclaim overpaid income tax in different ways which depend on the type of tax you are claiming back.

Individuals who have received income from savings, investments, or pension that has been taxed at a higher rate than it should have been can use Form P53.

When do I need to complete a P53?

This can happen due to various reasons such as receiving a lump sum payment from an investment or pension, incorrect tax code, or interest from a bank or building society account.

You don’t need to use the form P53 if you complete a self assessment tax return in the year of your claim.

Is there a deadline to submit a P53?

It’s crucial to note that your P53 must be submitted within four years of the end of the tax year in which the income was received.

If the deadline is missed HMRC may not be able to process the claim resulting in a missed opportunity for a tax refund.

What do I need to complete a P53?

The Form requires personal details such as name, address, and national insurance number, along with information about the income received, including the amount, tax year, and income source.

Moreover, individuals usually need to provide supporting documents and an explanation of why they believe their income tax was calculated incorrectly.

To ensure a successful refund process, accurate information and supporting documentation must be provided when submitting the form to HMRC otherwise it will be rejected.

How do I submit  P53 to HMRC?

HMRC provides an online option and a P53 paper version which can be posted to them.

To complete your P53 online you will need to login through your government gateway account.

How do I receive a P53 tax refund?

HMRC will review the claim and determine if an income tax refund is due after the submission of Form P53.

You will be sent a P800 tax calculation showing the value of your income tax repayment and normally repaid via bank transfer or by cheque.